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Complete the pension spreadsheet

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Reference no: EM13847434

The following is an incomplete pension spreadsheet for the current year for Swiss Mist Corporation.

($ in millions) debit (credit)

PBO

Plan
Assets

Prior
Service
Cost

Net
(Gain) Loss

Pension Cash

Expense

Net Pension
(Liability) /
Asset

Beginning balance

(700)

 

28

(90)

 

150

Service cost

 

 

 

 

62

 

Interest cost

 

 

 

 

 

 

Expected return on assets

 

 

 

 

(61)

 

(Gain)/loss on assets

 

 

 

(7)

 

 

Amortization of:

 

 

 

 

 

 

Prior service cost

 

 

(4)

 

 

 

Net (gain)/loss

 

 

 

2

 

 

Loss on PBO

(3)

 

 

3

 

 

Contributions to fund

 

 

 

 

 

 

Retiree benefits paid

 

(65)

 

 

 

 

Ending balance

 

898

24

(92)

 

147

Required: 1) Complete the pension spreadsheet. 2) Prepare the journal entry to record pension expense for the year.

Reference no: EM13847434

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